First Leaf Capital
Overview
First Leaf Capital is a venture capital firm based in Champaign, Illinois, founded in 2017. The firm invests in early-stage startups (from first-money-in to Series A), makes loans to small business owners, and engages in micro-private-equity transactions. It is backed by capital from the Mark Aardsma family office and its institutional fund, FLC II. The firm primarily focuses on companies in Central Illinois and the Midwest, with an interest in hard-to-imitate technology, SaaS, and businesses with a positive impact. They typically do not invest in rounds larger than $5 million for their initial investment.
Portfolio Companies
6
Website
firstleafcapital.comInvestments
| Company | Date | Stage | Lead |
|---|---|---|---|
| Neurava | Apr 2024 | Seed | Co-investor |
| Petrichor | Dec 2022 | Seed | Co-investor |
| Epivara Inc. | Jun 2019 | Seed | Co-investor |
| Mesh++ | Oct 2021 | Seed | Co-investor |
| GEOH | Sep 2025 | Growth Equity | Co-investor |
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Sector & Stage Mix
Industry, funding stage, and valuation band breakdowns.
FAQ
Where is First Leaf Capital based?
First Leaf Capital is headquartered in Champaign, Illinois, United States.
When was First Leaf Capital founded?
Founding year information for First Leaf Capital is not publicly available.
How many portfolio companies does First Leaf Capital have?
First Leaf Capital has 6 portfolio companies in Caplight's dataset.
What are some companies in First Leaf Capital's portfolio?
Portfolio companies visible on Caplight include Neurava, Petrichor, Epivara Inc., Mesh++, GEOH.
What was First Leaf Capital's most recent investment shown here?
First Leaf Capital's most recent investment in this portfolio sample was in GEOH in 2025.
What sectors does First Leaf Capital focus on?
First Leaf Capital focuses on Healthcare & Life Sciences, Healthcare & Life Sciences, Telecommunications & Networking, Enterprise Software, Enterprise Software, Enterprise Software, Healthcare & Life Sciences, Mobility, Transportation & Logistics, Media, Entertainment & Gaming, Frontier & Industrial Tech.
What company stages does First Leaf Capital focus on?
First Leaf Capital typically invests at the Early stage.